Thomas Cook Gone
Join Date: Aug 2008
Location: in a cigar lounge smoking a Partagas P2
Posts: 119
Originally Posted by Smooth Airperator
Since when do you have to BUY aircraft. More aircraft are leased than not. The brand and its reputation is worth something irrespective of fleet ownership
And I don't see Condor buying or leasing newer aircraft anytime soon.
The "bridge loan" is only valid for 6 months and the buyers are not lining up outside their HQ....
Join Date: Oct 2007
Location: Munich, Germany
Age: 77
Posts: 124
Your comment is true. No line-up at their HQ. There is even strong opposition within Lufthansa, who would be the the best option for a purchase.
Even if all goes well, and they find a buyer, the biggest hurdle would be the EU watchdogs, who need to give their blessing. They are not known
for making good ( common sense ) decisions. As far as news is concerned, there is more or less total silence at this time.
Even if all goes well, and they find a buyer, the biggest hurdle would be the EU watchdogs, who need to give their blessing. They are not known
for making good ( common sense ) decisions. As far as news is concerned, there is more or less total silence at this time.
Join Date: Oct 2002
Location: London UK
Posts: 6,671
For those who are not operating through the various European holiday airports, and thought Thomas Cook were gone, you way be surprised to know that ops in full Thomas Cook livery continue, from departure points other than the UK. For example, 767 G-VYGK, in joint Thomas Cook-Condor branding, continues to run these routes. See here https://www.flightradar24.com/data/aircraft/g-vygk . So that's a Cook's aircraft on the UK register and thus presumably on a UK AOC somehow.
Well done Cooks' German management, who borrowed money to buy German operators, stuck the loans on the UK company, didn't sort out adequate repayments from the continuing German operation, and when they couldn't be repaid declared the UK operation insolvent while those elsewhere continued.
Interesting to see what the receivers make of this, and what they say about the auditors' oversight of the loans back and forth. Likewise those UK holidaymakers whose trips were ruined while those from elsewhere were not.
Well done Cooks' German management, who borrowed money to buy German operators, stuck the loans on the UK company, didn't sort out adequate repayments from the continuing German operation, and when they couldn't be repaid declared the UK operation insolvent while those elsewhere continued.
Interesting to see what the receivers make of this, and what they say about the auditors' oversight of the loans back and forth. Likewise those UK holidaymakers whose trips were ruined while those from elsewhere were not.
Join Date: May 2011
Location: Hampshire
Age: 73
Posts: 824
Sadly, not long after the UK government refused to help out with a loan/guarantee of £200Million, the same government is quite happy to throw £500Million into a stupid scheme to ensure people living in rural areas can continue to watch their iPhones while strolling down the street!
https://www.bbc.co.uk/news/business-50179195
https://www.bbc.co.uk/news/business-50179195
Join Date: Mar 2008
Location: Stirling
Posts: 14
Originally Posted by KelvinD
a stupid scheme to ensure people living in rural areas can continue to watch their iPhones while strolling down the street!
https://www.bbc.co.uk/news/business-50179195
https://www.bbc.co.uk/news/business-50179195
And such investment has a defined benefit. Pouring £200m down the drain does not.
Join Date: Feb 2008
Location: LIVERPOOL
Age: 56
Posts: 116
Originally Posted by WHBM
For those who are not operating through the various European holiday airports, and thought Thomas Cook were gone, you way be surprised to know that ops in full Thomas Cook livery continue, from departure points other than the UK. For example, 767 G-VYGK, in joint Thomas Cook-Condor branding, continues to run these routes. See here https://www.flightradar24.com/data/aircraft/g-vygk . So that's a Cook's aircraft on the UK register and thus presumably on a UK AOC somehow.
Well done Cooks' German management, who borrowed money to buy German operators, stuck the loans on the UK company, didn't sort out adequate repayments from the continuing German operation, and when they couldn't be repaid declared the UK operation insolvent while those elsewhere continued.
Interesting to see what the receivers make of this, and what they say about the auditors' oversight of the loans back and forth. Likewise those UK holidaymakers whose trips were ruined while those from elsewhere were not.
Well done Cooks' German management, who borrowed money to buy German operators, stuck the loans on the UK company, didn't sort out adequate repayments from the continuing German operation, and when they couldn't be repaid declared the UK operation insolvent while those elsewhere continued.
Interesting to see what the receivers make of this, and what they say about the auditors' oversight of the loans back and forth. Likewise those UK holidaymakers whose trips were ruined while those from elsewhere were not.
Join Date: May 2011
Location: Hampshire
Age: 73
Posts: 824
What a ridiculous mischaracterisation of the scheme
As for a defined benefit, I would like to see what that may be.
Join Date: Apr 2011
Location: Doha
Age: 10
Posts: 437
Join Date: Oct 2002
Location: London UK
Posts: 6,671
Originally Posted by dc9-32
So that's a Cook's aircraft on the UK register and thus presumably on a UK AOC somehow.
That will be Air Tanker's AOC then.
That will be Air Tanker's AOC then.
I wonder if it worked into a UK airport it could be seized.
Join Date: Mar 2008
Location: Doncaster
Age: 47
Posts: 161
Originally Posted by dtaylor1984
What a ridiculous mischaracterisation of the scheme. The article makes no mention of wandering down the street, but of someone in their own home. The level of signal involved is not "watch[ing videos on] their iPhones" but receiving phonecalls.
And such investment has a defined benefit. Pouring £200m down the drain does not.
And such investment has a defined benefit. Pouring £200m down the drain does not.
Join Date: Dec 2008
Location: uk
Posts: 888
Originally Posted by dtaylor1984
What a ridiculous mischaracterisation of the scheme. The article makes no mention of wandering down the street, but of someone in their own home. The level of signal involved is not "watch[ing videos on] their iPhones" but receiving phonecalls.
And such investment has a defined benefit. Pouring £200m down the drain does not.
And such investment has a defined benefit. Pouring £200m down the drain does not.
http://www.travelweekly.co.uk/articl...f-atol-renewal
Last edited by macdo; 26th Oct 2019 at 23:23. Reason: added link
Join Date: Jul 2013
Location: Never home
Age: 34
Posts: 70
Nah, TC had been struggling already for a longer time. A loan guarantee would have just pushed the bankruptcy back with X amount of months.
Different story if TC would have been a Italian flag carrier. Then you could just expect the gov to bail you out time after time.
Different story if TC would have been a Italian flag carrier. Then you could just expect the gov to bail you out time after time.
Join Date: Dec 2008
Location: uk
Posts: 888
Originally Posted by FRogge
Nah, TC had been struggling already for a longer time. A loan guarantee would have just pushed the bankruptcy back with X amount of months.
Different story if TC would have been a Italian flag carrier. Then you could just expect the gov to bail you out time after time.
Different story if TC would have been a Italian flag carrier. Then you could just expect the gov to bail you out time after time.
Join Date: Oct 2001
Location: Gatwick
Posts: 1,967
Originally Posted by FRogge
Nah, TC had been struggling already for a longer time. A loan guarantee would have just pushed the bankruptcy back with X amount of months.
Now, "I believe that" this is the reason why TCG are not here -Q152 Drew Hendry: Given that situation, why do you think the Government said no to you? Peter Fankhauser: Um— Drew Hendry: I am asking you. Peter Fankhauser: I can just say what is in the letter. They did not want to create a precedent to support the business. I was awfully sad when I had the high official on the phone at about 5 o’clock in the evening, because I knew that I had to throw in the towel.
Just imagine giving a lifeline to a commercial business pre Brexit, when, if things get tough, post Brexit, a precedent has been set. OK, a political problem, but.......
Join Date: Oct 2001
Location: Gatwick
Posts: 1,967
Where there is a will -
https://uk.reuters.com/article/uk-th...-idUKKBN1X9160
But that part of the still vertically integrated business, always delivered a healthy profit
https://uk.reuters.com/article/uk-th...-idUKKBN1X9160
But that part of the still vertically integrated business, always delivered a healthy profit
Join Date: Oct 2002
Location: London UK
Posts: 6,671
Originally Posted by Litebulbs
But that part of the still vertically integrated business, always delivered a healthy profit
